Brazil Empowers Central Bank and Securities Commission to Oversee Crypto Market

The executive branch of Brazil has recently assigned the country’s Central Bank and Securities Commission with the responsibility of overseeing the cryptocurrency market. This decision was outlined in a decree that was published on Wednesday.

According to the decree, the Securities Commission will be in charge of regulating assets that are classified as securities. On the other hand, the Central Bank will have the authority to establish the rules that cryptocurrency exchanges must adhere to, which includes obtaining licenses to operate. These measures aim to bring more structure and supervision to the crypto industry in Brazil.

In December 2022, the crypto regulation bill was approved by former Brazilian President Jair Bolsonaro after being passed by both the Chamber of Deputies and the Senate. This legislation introduced a new licensing requirement for “virtual service providers” and introduced penalties for fraud involving virtual assets, which could result in imprisonment for four to six years, in addition to fines.

Brazil has emerged as a prominent crypto hub within the region, with a significant adoption rate of stablecoins and a thriving market where major cryptocurrency companies and protocols like Coinbase, Bitget, and Metamask have established their operations. This move to designate regulatory bodies for overseeing the crypto market further solidifies Brazil’s position as a key player in the cryptocurrency industry.

Related Posts

Leave a Reply

Newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

Nigerian Government Refutes U.S. Lawmakers’ Claims on Binance Executive’s Health in Detention
June 23, 2024By
Nigerian SEC Unveils Accelerated Program for Virtual Assets Service Providers
June 23, 2024By
Winklevoss Twins Donate $1 Million in Bitcoin Each to Support Trump’s Presidential Campaign
June 21, 2024By

Advertisement

Video Posts

Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
? --- 0.00 % 0.00 %

Please enter CoinGecko Free Api Key to get this plugin works.